Transferred-In Costs using FIFO Method: Example Problem
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Transferred-in costs, FIFO method. Refer to the information in Problem 17.38. Suppose that Publish, Inc. uses the FIFO method instead of the weighted-average method in all of its departments. The only changes to Problem 17.38 under the FIFO method are that total transferred-in costs of beginning work in process on April 1 are $27,855 (instead of $32,775) and that total transferred-in costs added during April are $141,750 (instead of $144,000).
1. Using the FIFO process-costing method, do problem 17.38
2. If you did Problem 17.38, explain any difference between the cost of work completed and transferred out and the cost of ending work in process in the Binding Department under the weighted-average method and the FIFO method.
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